From the WSJ. Interesting article about Corning. IMO, IPIC's spinoff of assets is not fiction!
Pancho
November 8, 1997
Dow Corning's Bankruptcy Woes
Could Stall Payouts for Centuries
Associated Press
BAY CITY, Mich. -- Some women suing Dow Corning Corp. might have to wait 240 years before getting their day in court if the bankruptcy reorganization by the former breast implant manufacturer takes effect, a public policy analyst testified.
Women with claims against the company have two bad options under the company's proposed plan: settle and get paid next to nothing, or litigate and wait years to get in court, said Mark Peterson. The Los Angeles legal and public policy analyst testified in bankruptcy court Thursday.
According to Dow Corning's estimates, Mr. Peterson said, more than 12,000 claims won't be settled. And assuming one case a week is heard, it would take more than 200 years for the cases to be resolved.
"I doubt any claimant will live 240 years," Mr. Peterson told U.S. Bankruptcy Judge Arthur Spector.
Dow Corning wants to give women with silicone-gel breast implants a choice between settling a claim for a range from $650 to $250,000 -- depending on the injuries -- or continuing with a lawsuit.
Dow Corning would control the number of cases heard each year, and it proposes hearing only 10 cases a year, but that number may change.
Barbara Houser, Dow Corning's lead bankruptcy attorney, said Mr. Peterson's testimony is irrelevant and unsuccessfully asked Judge Spector to strike it from the record, but the judge refused.
The bankruptcy hearings continue Nov. 17.
|
